Altcoins moved higher, while a lack of buy volume prevented Bitcoin and Ether price from breaking out after the completion of a bullish inverse head and shoulders pattern. On Wednesday, the bullish momentum that had propelled Bitcoin (BTC) and altcoins into a relief rally was somewhat subdued, as traders remain unsure of what may happen next.
After an early morning attempt by Bitcoin bulls to drive BTC’s price above $40,000 was met with stiff resistance, the digital asset lost momentum and slumped back to the $38,000 support level.
Despite the continued struggle, a few positive signs such as a decline in BTC exchange deposits and an uptrend in addresses accumulating Bitcoin suggest that bears have stopped selling and the worst of the downturn may have passed. Earlier in the day, Ether (ETH) also rallied close to the $3,000 level, but the pullback in BTC price saw the top altcoin fall below $2,800.
While a majority of the cryptocurrencies are well below recently established highs, Polygon’s (MATIC) price bucked the trend by seeking out a clear V-shaped recovery. The altcoin rallied higher today as the project announced the launch of its SDK stack that will allow developers to easily deploy their own Ethereum-connected blockchains. Since Tuesday, MATIC has rallied 50% from a low of $1.51 to an intraday high at $2.44 on Wednesday. According to data from Cointelegraph Markets Pro, market conditions for MATIC have been favorable for some time.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity. As seen in the chart above, the VORTECS™ Score for MATIC has been in the green zone for most of the past week, and it registered a high of 94 several times on Tuesday, around seven hours before the price increased 50% over the next day.
Other notable altcoin performances include an 89% gain for Skale Network (SKL) and a 67% rally from Enjin Coin (ENJ). Origin Protocol also gained 53%. The overall cryptocurrency market capitalization now stands at $1.7 trillion, and Bitcoin’s dominance rate is 42.5%.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 79.6% | 37 | $68 936.57 | -0.14% | 1.86% | $1 363 382 802 810 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 85.6% | 19 | $2 464.81 | -0.38% | -1.04% | $296 800 010 036 | ||
3 | USDT | Tether predictions | 96% | 1 | $0.999490 | -0.02% | 0.06% | $120 515 283 639 | ||
4 | BNB | Binance Coin predictions | 93.6% | 4 | $559.05 | -1.20% | -4.74% | $80 558 709 894 | ||
5 | SOL | Solana predictions | 68.4% | 62 | $162.90 | -0.83% | -7.16% | $76 693 939 011 | ||
6 | USDC | USD Coin predictions | 96% | 1 | $1.000091 | 0% | 0% | $34 896 136 023 | ||
7 | XRP | XRP predictions | 94.4% | 6 | $0.506338 | -0.34% | -1.54% | $28 794 766 739 | ||
8 | DOGE | Dogecoin predictions | 62.4% | 75 | $0.151887 | -3.16% | 7.10% | $22 273 350 128 | ||
9 | TRX | TRON predictions | 92% | 3 | $0.165000 | -0.20% | 0.87% | $14 264 557 271 | ||
10 | TON | Toncoin predictions | 86.8% | 14 | $4.85 | -0.02% | -2.13% | $12 331 475 288 | ||
11 | ADA | Cardano predictions | 89.6% | 9 | $0.334545 | -3.17% | -0.97% | $11 707 414 451 | ||
12 | STETH | Lido stETH predictions | 94.8% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
13 | WTRX | Wrapped TRON predictions | 90.8% | 1 | $0.116354 | -0.46% | 0.23% | $10 171 995 609 | ||
14 | WBTC | Wrapped Bitcoin predictions | 91.6% | 1 | $65 806.83 | 0.78% | -2.68% | $10 083 957 608 | ||
15 | SHIB | SHIBA INU predictions | 84.4% | 29 | $0.000017 | -1.58% | -0.35% | $9 998 232 158 |
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